ASEC-Capital to sign Suez Canal giant industrial city deal at March-end

The General Authority for Suez Canal Economic Zone’s (SCZone) and the ASEC-Capital alliance, which includes prominent Saudi, UAE, Egyptian, and Lebanese companies, is expected to sign a final agreement by end of this March.

After signing the agreement, the alliance is expected to receive a land, at space of around six square kilometres, for the development of six million square metres in the industrial zone in the Suez area, official sources in SCZone told Amwal Al Ghad on Monday.

The SCZone is currently reviewing all the technical studies on the anticipated projects the alliance plans to carry out in the coming period, the sources added.

ASEC-Capital alliance, which includes prominent Saudi companies like Al Hokair Group and Al Muhaidib Contracting Company, along with firms from the UAE, Egypt and Lebanon. The alliance aims to develop an integrated business city, some 120 factories for building materials, food industries, and automotive, along with a logistics zone, with investments worth $3.3 billion.

The total infrastructure investments in the alliance’s project are estimated at $300 million.